Last night, the entire crypto space was played, and the grand SpaceX IPO by major exchanges ended quietly.

In my opinion, this XStocks quota controversy is not fundamentally about promises made and broken, but rather about the crypto industry's overestimation of its influence within the traditional capital system.
The crypto market has indeed generated incredible subscription enthusiasm, but don’t forget, SpaceX itself is a top-tier scarce asset, with demand from traditional distribution channels reaching over three times the issuance size at one point.
Against this backdrop, crypto users did not receive extra privileges just because they had more money and a louder voice.
Ultimately, the cake is only so big, and more and more people are fighting for it. When traditional capital prioritizes satisfying its own trusted clients, the share left for the crypto world naturally becomes very limited.
But from another perspective, although the outcome of this event was not perfect, it is not entirely meaningless.
At least it has truly moved RWA + stock tokenization from a narrative level into the stage of practical verification.
The road ahead will undoubtedly be bumpy, so let’s look forward!
Finally, here’s the intriguing layout of major exchanges that everyone is talking about!